Here is what you need to know.
Markets just got another ominous warning sign about the health of China’s economy. Chinese manufacturing PMI fell to 50.2 in October — just above contractionary territory and to its lowest level since July 2016, according to data released Wednesday.
Bitcoin turns 10. On October 31, 2008, bitcoin’s mysterious founder Satoshi Nakamoto published a nine-page-long academic-style paper called “Bitcoin: A Peer-to-Peer Electronic Cash System,” paving the way for the world’s first cryptocurrency.
Baillie Gifford has gotten in early on Amazon, Facebook, and Alibaba — here are 2 under-the-radar stock picks the firm loves. The 110-year-old Scottish investment firm that manages $255 billion and has made a name for itself by getting in early on a wide range of Silicon Valley unicorns told Business Insider in an exclusive interview about two names it expects to deliver big returns in the future.
Facebook users stall. The social media giant reported revenue spiked 33% year-over-year to to $13.7 billion, missing Wall Street estimates, and said that its daily active users were unchanged from second-quarter levels at 185 million.
Apple announces new products. The tech giant unveiled new iPad Pros, Mac computers, and more, at an event in Brooklyn, New York, on Wednesday.
Private-equity firms are reportedly fighting for Papa John’s. Bain Capital and CVC Capital Partners are among the private-equity firms trying to buy the pizza chain, Reuters says.
An NFL player who pleaded guilty to insider trading is facing an 8-game suspension. The Seattle Seahawks linebacker Mychal Kendricks was suspended eight games after he pleaded guilty to insider trading. He faces a up to 25 years in prison when he is sentenced in December.
Stock markets around the world are in rally mode. Japan’s Nikkei (+2.16%) led the gains in Asia and Britain’s FTSE (+1.32%) is out front in Europe. The S&P 500 is set to open up 0.6% near 2,699.
Earnings reporting remains heavy. General Motors, Kellogg, Molson Coors, and Yum Brands report ahead of the opening bell while Express Scripts, Fitbit, and Sturm Ruger release their quarterly results after markets close.
US economic data flows. ADP Employment Change will be released at 8:15 a.m. ET and Chicago PMI will cross the wires at 9:45 a.m. ET. The US 10-year yield is up 2 basis points at 3.14%.
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